Credit Card Debt Hits 3 Year High!

by | Dec 13, 2013 | Credit Card Debt

In October 2013 US credit card debt hit a 3 year high.  Revolving credit debt has risen to $856.82 billion dollars.  This number is expected to increase with holiday shopping that occurs after October.  This increase may represents a shift in consumer attitudes, where consumers are now more comfortable carrying a balance on their credit cards.  Or it mean they are out of money and back to borrowing all they can to make ends meet.  Only time will tell.

https://blogs.wsj.com/economics/2013/12/06/credit-card-debt-hits-three-year-high/

At the end of the government shutdown this year, overall consumer debt increased, suggesting this event also played a factor in the expanded debt.  Regardless of the reason, many consumers will not be able to repay this increased debt.  If you are unable to repay debts, contact a qualified debt settlement lawyer.  A law firm focused on debt settlement can often successfully resolve outstanding debts for far less than the original balance owed.

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Kevin Fallon McCarthy

Kevin Fallon McCarthy is the McCarthy Law PLC’s managing attorney and an experienced Phoenix debt attorney. Mr. McCarthy has also worked as general counsel for a large corporation. He has corporate counsel experience in human resource matters, general corporate governance, and union class action litigation.